CapitaMalls Asia sets up $1.27b China private equity fund

SINGAPORE (REUTERS) - CapitaMalls Asia, the shopping malls arm of Singapore's CapitaLand, said on Monday it has set up a US$1 billion (S$1.27 billion) closed-end private equity fund that will invest in Chinese malls.

Outside investors will take up half the capital in the CapitaMalls China Development Fund III, while a CapitaMalls unit will subscribe for the remaining 50 per cent.

CapitaMalls will inject three seed assets worth about US$594.8 million into the fund, realising gains of some $71.8 million in the process.

CapitaMalls expects to recognise a gain arising from the transaction of $35.9 million and a fair value gain of $35.9 million on its retained stake.

Investors pick Singapore's top companies

Singapore's top companies were revealed today, as Alpha Southeast Asia revealed the results of its second annual poll to find Southeast Asia's top companies.

The awards by Alpha Southeast Asia, a magazine focused on Southeast Asia's banking and capital markets, are based on tallied votes among 460 investors, pension funds, hedge funds, equity and fixed income brokers and analysts with investment interests in the Southeast Asia region.

Companies in each country were ranked on their financial management, adherence to corporate governance, investor relations' strategy, transparency and disclosure including the alignment of their CSR strategy to business goals.

In Singapore, the eight companies most preferred by institutional investors include regionally diversified telecoms company SingTel and local telecoms player Starhub, global real estate player Capitaland, regional banks' DBS Bank, OCBC, and UOB, aeronautical engineering specialist SIA Engineering, and conglomerate Keppel Corp.

SingTel's Jeann Low was nominated for both Best CFO in Singapore and Southeast Asia.

Across the region, the award for the Best Annual Report in Southeast Asia went to Keppel Corp while the award for the Strongest Commitment to Sustainable Energy in Southeast Asia went to Thai Oil.